December 6, 2022

Solana Price Analysis: Bulls Need to Keep Price Above this Range to Ensure Next Leg Up

2 min read

Solana (SOL)Solana (SOL)

  • SOL price restores 35 % off weekly low Solana Bulls attempt breakout of 70

day sag Thirty days MA needs to totally break

to be in the clear Solana Price Overview Solana has actually been stuck within a bearish trend for almost 70 days as the cryptocurrency market has stopped working to turn its trend back to bullish. Over the past couple days there has been strong momentum on BTC and other leading coins which might signal mid cap coins such as Solana are next in line. The innovation that SOL uses is extremely unique and has lots of benefits to other coins within its class. This type of utility will go a long way once the general market chooses back up to the speed of which it was at in the beginning of the year.

While taking a look at the chart, we can see how SOL has been bouncing around the last number of months stuck under its sag. This pattern is really near a coming down triangle which is a normal bearish pattern however many times breaks to the upside. At the time of composing, SOL is above its essential long term pattern line.

As long as bulls can keep price above this pattern along with the significant support zone of $26.40-$27.80, SOL should continue moving north.

Solana Price Analysis: SOL/USDT 1 Day Chart

The major resistance for SOL to break & & hold is the $29.62 mark which will send cost straight to the 30 day MA. This MA has actually served as a barrier the last couple of months which bulls have failed to smash through. As soon as this takes place, we can expect rate to increase beyond the $30 zone. In the event these breakouts fail to happen, SOL will find assistance anywhere from $26.40-$27.80. If this box stops working to hold, the next significant support is discovered at $22.02.

While looking at the RSI, we can conclude strength is now above a 90 day trend line. As long the day candle light closes above, SOL has actually flashed a really important pattern changing signal. The MACD has actually followed a downtrend line which has actually held the MA’s from a bullish breakout.A

break above the 0 line will trigger a massive rally to the advantage.SOL intraday levels Spot rate:

$29.48 Trend: Bearish Volatility: Medium Assistance:$27.80 Resistance:$29.62 The post Solana Price Analysis: Bulls Need to

  • Keep Price Above
  • this Range to Ensure
  • Next Leg Up appeared first on Coingape.